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Ranns Supply uses a perpetual inventory system. On January 1 ts inventory account had a...

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Accounting

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Ranns Supply uses a perpetual inventory system. On January 1 ts inventory account had a engaged in the following transactions during the year beginning balance of $6,400,000. Ranns ory for $9,400,000. 2. Generated net sales of $26,000,000. 3. Recorded inventory shrinkage of $10.000 after taking a physical inventory at year-end. 4. Reported gross profit for the year of $17,000,000 in its income statement a. At what amount was Cost of Goods Sold reported in the company's year-end income statement? b. At what amount was Merchandise Inventory reported in the company's year-end balance sheet? c. Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account? (Input all amounts as positive values.) inventory Prev 1 of 4 Next >

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